July 22, 2022
Increase in environmental concerns regarding the use of harmful chemicals in agriculture, farming drive the growth of global organic food and beverages market.
PORTLAND, OR, UNITED STATES, July 21, 2022 /EINPresswire.com/ — According to the report, the global organic food and beverages industry generated $187.48 billion in 2020, and is expected to reach $860.62 billion by 2031, witnessing a CAGR of 14.9% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Increase in environmental concerns regarding the use of harmful chemicals in agriculture and farming, surge in prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, and increase in healthcare expenditure drive the growth of the global organic food and beverages market. However, high price of organic products and low shelf life restrain the market growth. On the other hand, the trend of health-consciousness and surge in demand for the clean label food and beverage products create new opportunities in the coming years.
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The Covid-19 pandemic impacted the organic food and beverages market positively. Rise in health-consciousness and focus of consumers towards healthy food intake for improving immunity raised the demand for the organic food and beverages during the pandemic.
According to the Organic Trade Association, the U.S. experienced all-time high sales volume of organic food and non-food items in 2020. The revenue generated in the U.S. was nearly $61.9 billion in 2020.
The organic coffee and tea segment to maintain its leadership status by 2031
Based on product type, the organic coffee and tea segment held the highest share in 2020, contributing to more than one-fifths of the global organic food and beverages market, and is estimated to maintain its leadership status by 2031. This is attributed to the need to maintain the balanced health. However, the organic meat, fish, and poultry segment is expected to witness the highest CAGR of 15.5% from 2022 to 2031, owing to its preference by people looking for weight management and loss as they contain no fats and cholesterol.
The supermarket/hypermarket segment to continue its dominance throughout the forecast period
Based on distribution channel, the supermarket/hypermarket segment accounted for the largest market share in 2020, holding more than one-third of the global organic food and beverages market, and is expected to continue its dominance in terms of revenue throughout the forecast period. This is attributed to increased penetration of supermarkets and hypermarkets in the developed regions and preference for retail outlets for buying all types of food and beverages items. However, the online sales channel segment is projected to register the fastest CAGR of 15.6% from 2022 to 2031, owing to rise in penetration of the online groceries and different e-commerce platforms, improved access to the internet, rise in adoption of smartphones, and increase in internet users.
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North America to continue its lead position by 2031
Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for nearly half of the global organic food and beverages market, and is projected to continue its lead position by 2031. This is attributed to huge demand for the organic food and beverages products, increased consumer awareness regarding the health benefits of organic products, and increased healthcare expenditure. However, Asia-Pacific is estimated to manifest the fastest CAGR of 18.0% during the forecast period. This is due to rapid surge in the number of agricultural lands dedicated for organic farming, presence of huge population, and rise in awareness about the benefits of organic food products in the region.
Leading Market Players
WhiteWave Foods Co.
Hain celestial Group, Inc.
General Mills Inc.
United Natural Foods, Inc.
Amy’s Kitchen, Inc.
Dean Foods Company
The Kroger Co.
Whole Foods Market, Inc.
Natural Food & Drinks Market Expected to Reach $361.3 Billion by 2031
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